The Financial Divorce Association published a pamphlet a few years ago called “40 Tips for Surviving Your Divorce.” Following are some of the tips:
PREPARATION
* Gather information
* Get copies of everything
* Accumulate cash
* Make a detailed list of assets and debts
* Prepared detailed expenses
ALIMONY
* Temporary support
* Understand the difference between modifiable and non-modifiable
* Tax issues with alimony
CHILD SUPPORT
* Child support is always modifiable
* Child Support Guideline
* Consider cost of living increases for child support
DIVIDING PROPERTY
* Property settlement is a done deal
* Know the difference between separate and marital property
* Capital gain on house
* Find out the basis in your house
* Get real estate appraised
* Appraise family business
* Use property settlement note
* Value of household goods
* Children’s accounts are not marital property
* Don’t forget tax refunds
* What about stock options
RETIREMENT PLANS
* Get information about all retirement plans for both spouse
* Get pension appraised
* Use of QDRO
* Problems with QDRO
* Don’t pay the 10% penalty
INSURANCE
*Don’t cancel insurance to soon
*Life insurance to cover alimony
*COBRA vs. self-insurance
SOCIAL SECURITY
* Social Security benefits
MISCELLANEOUS
*Change your will
* Fees for tax advice are deductible
* Hire a CPA to do your taxes the first year after your divorce
ALTERNATIVE WAYS OF SETTLING
* Try mediation
* Consider collaborative divorce
HIRING PROFESSIONALS
* Hire a lawyer who specializes in divorce
* Each of you needs your own lawyer
* Hire a financial divorce specialist
Learn more about mediation at https://www.center-divorce-mediation.com CDM (392) 4/15/22